Weatherford International has reported a net loss of US$171mn, or a loss of US$0.17 per share, and a non-GAAP net loss of US$282mn before charges and credits (US$0.28 non-GAAP loss per share) on revenues of US$1.36bn for the second quarter of 2017
Weatherford has reported a net loss of US$171mn for the second quarter of 2017, but have some positives for the region. For example, the signing of a Memorandum of Understanding (MOU) with Saudi Aramco, advancing localisation in Saudi Arabia is a sign of positive steps forward in the Middle East. Additionally, the OneStim joint venture with Schlumberger is on track to close within the quarter.
Mark A. McCollum, President and Chief Executive Officer, commented, "I am pleased that our team has delivered a solid second quarter performance. We generated significantly higher incrementals, improved our cash flow compared to the previous quarter and provided our customers with nearly flawless service quality execution. Looking forward, I see a lot of opportunities for further performance improvements, and we have initiated several projects to unlock and accelerate these opportunities to drive stronger financial results and meaningfully reduce our debt and increase market share. We have great technology, a global presence, outstanding collaborative customer relationships and a high-caliber workforce, allowing us to be a partner of choice for our customers in many basins around the world."
McCollum continued, "The compelling strength of our fundamental qualities suggests an attractive upside and, by better aligning our strengths, we will soon have a more focused and effective organisation, forging a solid path towards improving returns and renewing shareholder trust and value."
